High street shop closures reach 16 a day
09/10/2014
High streets are losing their number of shops dramatically, a study by PwC and the Local Data Company has shown.
The study shows that 16 stores a day were closing in the first half on this year, and the rate of store openings fell to 15%. 400 stores have been left empty as Britain’s high street struggles to compete with online retailers.
The stores hardest hit are women’s fashion stores, building societies and pawnbrokers. Although Pawnbrokers had a surge in popularity during 2013, this year a slump in gold price and the rise of pay day loan lenders has lead to them falling behind.
Video rental stores have almost completely disappeared, and travel agents have also been in steep decline. This is to do with the popularity of online streaming services such as Netflix and LoveFilm, and the price of online holidays working out cheaper than going to the travel agent.
The survey shows coffee shops, banks, pound shops, charity shops, convenience stores, tattoo parlours and American restaurants have opened the most outlets in 2014.
Mark Hudson, retail leader at PwC, said:
“This data shows that we are now really starting to see the full effects of the digital revolution and consequent change in customer behaviour play out on the high street.”
Matthew Hopkinson, director of the Local Data Company, said:
"Significant changes are continuing to take place across Britain's town centres.
"Multiple retailers are continuing to close stores on High Streets in favour of retail parks and shopping centres.
"The bad news is that the significant decline in chain retailer numbers in town centres seen in 2012, which then slowed in 2013, has picked up again."
Need financial advice?
Are you struggling with your finances? If you have any personal finance questions related to this news article, then please contact our financial advisers. You can get in touch by asking a question online, calling us on 0800 092 1245, or by arranging a visit.
Share this..
Related stories
Goldman Sachs announces startling turnaround
US banking giant Goldman Sachs has today revealed that the firm generated around $38 million in profits per day in the first half of 2009. However, the company has been allocating a startling $74 million a day for the compensation and benefits pot which will ultimately be shared out among staff. When you also consider that this performance in the first six months of 2009 was "nothing spectacular"...
Read MoreTalks ongoing to avert rail strike
As the proposed four-day rail strike from 6 April approaches there is renewed hope this evening of a breakthrough with negotiators on both sides said to be "working flat out". The four-day strike will effectively paralyse the UK rail network with only one in five trains expected to run and severe delays and overcrowding inevitable. As you would expect, there are very different views from either...
Read MoreScottish unemployment continues to rise
In line with the trend for the whole of the UK, unemployment in Scotland increased by 7,000 to 212,000 in the three to April 2010, but there are worrying signs for the immediate future. While unemployment in Scotland now stands at around 8%, which is just above the 7.9% figure for the UK as a whole, there are concerns that the Scottish economy is not well placed to benefit from the eventual upturn...
Read MoreSir Alan Budd accepts a double dip recession could happen
Sir Alan Budd, the former chairman of the Office for Budget Responsibility, has today accepted that the UK economy could actually backtrack into a double dip recession. When questioned about the potential for a double dip recession in the UK, on the BBC Radio 4 "Today" program, he suggested that "our fan charts show it is a possibility" although he believes the UK economy is likely to continue to...
Read MoreWill the threat of inflation stifle economic recovery?
While in general inflation is something which many people look to avoid, in moderation it is a vital element of any economy. However, the December inflation figure of 2.9% is still causing concern within political and financial circles because the Bank of England will need to address this problem sooner rather than later, something which could stifle economic recovery in the short term. The pro...
Read More